Synechron, the global financial services consulting and technology company, announced Thursday (March 23) the launch of “Neo,” a set of artificial intelligence (AI)-based tools for the financial services industry. In a press release, Synechron said that with Neo, financial institutions will be able deploy AI solutions that solve complex business challenges.
“Financial institutions are looking to implement the latest technology to address real-world problems in financial services. Neo and Synechron’s AI Accelerators will be pivotal in helping clients be at the forefront of technological advancement, while providing a comprehensive set of tools to ease and streamline processes. This will allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks,” said Faisal Husain, Synechron co-founder & CEO, in the press release.
According to Synechron, the technology company has built 14 reusable applications — Accelerators — that enable financial institutions to reduce time-to-market when applying AI. Synechron’s AI Accelerators use techniques like Natural Language Processing (NLP), Chatbots, Robotic Process Automation (RPA), Cognitive Machine Learning, Data Science and Robo-Advisors to address a range of use cases, the company said in the press release.
In addition to custom development work, Synechron has partnered with Quantexa, Yseop and SQREEM, three FinTech companies, for the AI Accelerators. According to Synechron, the AI Accelerators apply advanced AI and Deep Learning techniques and algorithms, including Google Tesseract’s OCR and binarization, the NLTK platform for sentiment analysis, SARIMA for time-series data, Self-Org Maps for clustering, Deep Learning Recurring Neural Networks (RNN) for dynamic classification, Support Vector Machines for classification, R for statistical modeling and reinforced learning, multi-level Perception for classification and Apache Spark for big data and machine learning.
Some of the things financial institutions can offer thanks to the AI Accelerators include automated data extraction, automated financial advice generation, automated executive summaries, chatbots, automated resolution of failures in the reconciliation process, automated margin call management and automated pitchbook generation, among other things.